P.M. BRIEFING : Remy Martin, Cointreau to Join
The Remy Martin cognac firm and the Cointreau liqueur group said today they plan to join forces to create one of France’s largest liquor groups.
Share analysts said the merger is a move to build a wall against hostile takeover bids by the giants of the international liquor business.
Remy Martin, which also owns the Piper-Heidsieck and Krug champagnes, is France’s third-largest cognac firm and the only major one that is still family owned.
Apart from its sweet orange-based liqueur, Cointreau also markets the Izarra drink and Ducs de Gascogne foie gras goose liver.
The merger in the next few months will create a group with a combined turnover of more than $950 million, the two firms said.
All other major cognac houses have been taken over in recent years. Market leader Hennessy is part of the French luxury group LVMH Moet Hennessy Louis Vuitton. Canadian group Seagram bought Martell cognac in 1987, and Courvoisier is owned by Britain’s Allied Lyons.
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